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GLOBAL PROJECT FINANCE REVIEWREUTERS / Mark Blinch

GLOBAL PROJECT FINANCE REVIEWMANAGING UNDERWRITERS

Full Year 2014

]

Project Finance Regional Breakdown Jan 1 - Dec 31

Global Project Finance for 2014 totaled US$257.5 billion, an uptick of 25.8%, to post the highest annual volume onrecord. Power projects dipped 1.8% but was still the main driver, accounting for 32.4% of global activity whichamounted to US$83.4 billion from 382 deals.

Americas Project Finance in 2014 closed at US$93.2 billion from 229 transactions, an 83.8% increase from 2013. Thefourth quarter of 2014 was the most active fourth quarter on record with US$33.8 billion deals completed, from 69facilities. The Oil & Gas sector grew 8.5% and posted US$32.2 billion from 36 deals.

EMEA 2014 Project Finance totaled US$92.6 billion, slightly up at 1.6% from 2013. Western Europe was the onlyregion with positive growth, with US$70.5 billion, up 31.2% from the previous year. The US$3 billion project financeloan of Det norske oljeselskap ASA is the largest deal completed in the fourth quarter.

Asia Pacific and Japan reached US$71.7 billion in 2014, up 14.1% from 2013. Transportation doubled in 2014, withtotal deals closed at US$30 billion from 46 deals. The largest Transportation deal, Stella EWL Finance, was completedin October.

Full Year 2014

Global Deals Intelligence

Global Project Finance Up 26% | Americas Highest Growth at 84% I Power Projects - 32% of Market Activity

Global Project Finance ReviewMANAGING UNDERWRITERS

$0

$50

$100

$150

$200

$250

$300

2009 2010 2011 2012 2013 2014

Proc

eeds

(US$

b)

EMEA Americas Asia-Pacific & Japan

* Tie

4

4.1▲

▲

10 ▲

71▼-1

▲

▲

6

-27▲

▲2.3

6▲

▲

▼1.4

121

4

13.9 14

0.8 3

161,912.2

▲

100.0

21.1%40.3%

41.7%Industry % Change over Last Quarter

Top Twenty Five TotalIndustry Total

25.8%

257,528.5 100.0

▲▲18.6%

3.8

▲2.80.1▲9.1▲

702

▲Commonwealth Bank of Australia 14

31

149,084.1 58.01.12,874.4 1

1.952

▼

▲

Standard Chartered PLC

3,139.9

ICICI Bank Ltd

Societe Generale

279

9

18

12

16

1812 34

0.73,582.2

20

12

▲214

2.26.6

▲

2.9▲ 15

1.22,996.5

▲

332.5▲

550.3

▲

17

▲

-7

11

0▲▲

17

‐2,971.3

28

5

17

21

Santander

Barclays▲

1920

3

‐4.4

0.3

1.4 -0.2 3117

4.3 80.31.4

0.2 ▲

26

1.53,738.0 1.5 27

▲

0.4

▼

▲0.8

▲ 3.4

284.1294.0

0.331

224‐

▲

4.4

23

JP Morgan

Deutsche BankMorgan Stanley

▲

▲

▲3.3

34▲▼

7.4

714

0

-1.15

30

▲ 4.8

35▲

0.61.1

▲

Natixis▲▲-2.7

67▲

▲9.57.0

11.1 23

17

3,244.4

1.14,113.2

▲

▼

10.7

2.0

3.1

▲153.71919

8

▲

4.9

1.1

19

▲ 5.03,500.4

2.2

▲

25 3.6 5

34 ▲

63.7 ▲

2.9-1.21.8 ▲ 25

21 4.1▲20 7

▲

▲15244,938.0 ▼

-5.228

17

Korea Development Bank

4,434.5 2.7

4,946.7

4,658.78Citi

State Bank of India

▲ 52

ING 6

HSBC Holdings PLCCommonwealth Bank of Australia

8

▲

78▼

7,832.178

0.5 ▲

Natixis 10Societe Generale 9

87

5 7Credit Agricole CIB

1416

9

1Sumitomo Mitsui Finl Grp Inc

BNP Paribas SA

2 4Mizuho Financial Group 5

4 17 8,972.6

6.1

9,518.05.3

19.8

MarketProceeds15,598.5 0.7 139

790.3

Mandated Arranger1

2013 Rank

Mitsubishi UFJ Financial Group ▲

3

32▲

8.034

11.3 ▲3118 4.7 0.8

▲41▲

11.4 0.4▲ ▲

68.0

▲3.5 10.32.1

4.7▲7,529.5

▲72

11413,565.9▲ 53Mizuho Financial Group

16.23.7

1.4 BNP Paribas SA▲

10,750.013

6,146.0Sumitomo Mitsui Finl Grp Inc

1

6

Mitsubishi UFJ Financial Group 37,658.22 ▲

79 15.4155.5

▲

▲262841

6.6 0.7

3.8

▲▲3.0

7.5

36 7.0▲5 3.1Credit Agricole CIB 5,050.411.1

▲

121.0

4

173.1

7164

6 1

▲

3.0

2.82.7 49

▲1.1 531.0

80

2.25,676.62.5

State Bank of IndiaSantander

7,756.312 7,276.5

2.25,646.8

Citi

ANZ Banking Group

13

Scotiabank

15Korea Development Bank 14

National Australia Bank

1.6

1.9

1.6

1.74,264.3

1112

25

18

15

20

1819

1716

Deutsche Bank 21Bank of America Merrill Lynch

1935

Westpac Banking

KfW IPEX-Bank GmbH

13

23RBC Capital Markets

3,672.2

4,214.6

4,036.7

6,987.26,393.5

6

4,909.22

22

3,783.1

2524Barclays

22

28

23103124

0.50.0

4,447.632 1.0

0.5

4,121.5 26

MarketSh Ch.

# of

1.6

4,119.7 1.6

3.0

0.7

1.7

2223Goldman Sachs & Co

▼RBS

CIBC World Markets Inc

3,560.4

1.2 -0.83,121.9

DNB ASA

20

3.7

20 2.830

15 11

9

13

10Bank of America Merrill Lynch

RBC Capital MarketsHSBC Holdings PLC

ING

Sh %Proceeds Sh Ch.Change in Market

Deals # of DealsDeals2013 Rank

# of# of Deals

# of Deals per ArrangerChange in 2014

RankMarket

Proceeds per Mandated Arranger (US$m)

Sh % Sh %

# of Deals per BookrunnerMarket2014

Rank Sh %

1.1 3.3

Bookrunner

Proceeds per Bookrunner (US$m)Market

1.6▼ 20 3.9▲▲

2.7141.8 -0.1

2,790.59

20

2.3121.7 0.6 ▲

▲

2,757.6 1.8

21▼1.5

1.7 0.3 ▲

2,022.5

▲

2.3▼ 12

2,551.7 1.6 0.8

14 2.7

1,763.8

43

2,034.02,480.5

8 -1.31.31.3 0.3

-0.7

▲1.1

0.6

0.8

0.957 1,521.3

1554

1,588.5-0.6 ▼

▲1.01.11,704.5

512

1.2▲

0.624Westpac Banking

97,878.3 ▲8.525

147

Jan 1 - Dec 31

▲

60.5▲

Top Twenty Five Total

Industry % Change over Same Period Last Year15.2%

37.6% ▲Industry % Change over Same Period Last Year▲

Global - Mandated Arrangers (X2) Global - Bookrunners (X3)Jan 1 - Dec 31

Industry % Change over Last Quarter

Industry Total 110

5.9% ▲ ▲

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1

4,025.04,040.0

Sweden

Industry

3,690.8

Oil & GasUnited States

Top Global Project Finance Deals Jan 1 - Dec 31

3,289.5

Saudi Arabia

198 14.1

▼-95.0-41.8

▲

-

Global Project Finance By Sector (US$m)

Petrochemicals5/29/2014-25.8

IEP 2-

85.6 FLNG Liquefaction 2 LLCLundin Petroleum AB

3,783.3▼ 4/15/2014

2/6/20141.6 6/30/2014 Industry

TransportationUnited KingdomAliaga Refinery Turkey

31.2▼▲

33.1▲

▲166

▲38 339 4Asia-Pacific

Western Europe

21 984 1

59

13,087.2

74 4

25.4

-40.937,416.0

3618

11,106.3

54,049.6 194 40,620.1

5

62,902.851

7,960.0198

Eastern Europe

201

32

48

18,349.720

North America

70,466.4

Sub-Saharan AfricaMiddle East

2,795.2Africa/Middle East/Central Asia

Central Asia

8,243.7

22,126.6

Oil & Gas

Scorecard: Global Project FinanceSector

United States

United States▲

Cameron LNG LLC

Oil & Gas204,741.3

146.9Sasol Chemicals (USA) LLC▲

FLNGAPA Group

▲137

37,421.1

▲

83.8

59.596

50,715.1

10,832.5▲

4,000.0

US$mProceeds

Issues

9

Proceeds

229

US$mNo. No.

Issues702 Mining

71,744.5

North Africa

93,191.22,409.0

53,707.3

Australasia

10,687.7

- -

525,947.7

31

Global

2

16,416.8227

272

400.0

69,451.7

33

92,593.0

18

Americas

12/22/2014

45

First Nine Months 2014 | Project Finance | Managing Underwriters

Oil & GasAustralia17,281.8

Australia257,528.5

-

▼

▲

Waad Al Shamal

Global Project Finance

5

155

25752.5

25.84,469.97,145.1Roy Hill Holdings Pty Ltd

11/26/2014

1

592

91,123.3

United States

Closing

4/22/20148/6/2014 7,765.0

RegionOil & Gas

% Chge in Proceeds

NationPackage Amt

US$mDomicileBorrower

Caribbean

1/1/2014-12/31/2014

-

1/1/2013-12/31/2013

4,100.0

Date

11/5/2014

11/25/2014South AmericaCentral America 19

Europe

EMEA510.0 3

4% 3%Power

Mkt.

-2.5

▼32.4

-0.3

▼55

▲

▲

Mkt. Sh

6.6

4,935.0

38,339.4

39.5 ▲

11,198.7

3,537.3

22 ▼8,984.0▼

▼

100.0▼

6,082.4

▼

16,768.3

8 -0.6

▲

▼▼

18 3.0 8.2 15

-1.5

9 1.9 3.8

14 -2.7

11,857.9

4.4

7,828.7▼

-0.310

0.9

▼5.8

6,511.8

100.0

34

257,528.5Industry Total 592

-1.3

702

6 3,966.1

204,741.3

1,432.1Water & Sewerage

11,189.5

64,771.3

Leisure & PropertyTelecommunications

Note: 2014 League Tables are based on fully syndicated project finance volume.

Petrochemicals3.5 0.6

4.3 43

20.0 25.2

46

Project Finance Sector

8

41,617.963

20.3

21,984.1

28

79

Sh %

20

70,108.118.6

1/1/2013-12/31/2013Proceeds

-23.8

-19.7-30.4

38,112.8345 -1.8

Chg. in US$m

14,448.4

74.42751

13,949.0

34.2

48

No.Issues

No.US$m

47556,256.5

1/1/2014-12/31/2014

Japan

Australasia

9,028.4

Industry

51,590.6Mining

5.7 19 21

Transportation18,917.3

111

83,430.6Power95

Mkt.Proceeds

Oil & Gas

IssuesSh %

South Asia

382

Sector Analysis

North Asia11,014.9

Southeast Asia

Waste & Recycling 853.2 0.3 3 1,887.41,161.2 0.5 9 3.2

14,754.57.4

83,430.632%

64,771.325%

51,590.620%

18,917.37%

6%

%Oil & Gas

Transportation

Mining

Industry

Petrochemicals

Leisure & Property

Telecommunications

Water & Sewerage


2

Honduras 274 0 2

-Uruguay 174.5 2 562.9 4 -69.0 ▼Guyana 185.0 1 - - -

▲Panama 986.8 5 71.0 1 1,289.9 ▲Mexico 4,686.9 12 2,338.0 8 100.5

Americas Project Finance Volume

Full Year 2014 | Project Finance | Managing Underwriters

Americas Project FinanceAmericas Up 84% I Highest All Time Fourth Quarter Volume

Oil & GasOil & GasIndustry

Oil & Gas

3/11/2014

10/2/2014 TPF II/Rolling Hills Portfolio Power1/8/2014

MiningPeruUnited States

CanadaRange Resources Corp10/17/2014

United StatesSasol Chemicals (USA) LLC

6/25/2014 NorthWest Redwater Partnership

7,765.0FLNG

Oil & Gas

4,469.9

FLNG Liquefaction 2 LLC

Sociedad Minera Cerro Verde SA

Carrix Inc1,690.0 United States

Petrochemicals

Transportation

146.9

▲▲

225.6 3/10/2014 1,800.0

11/25/20144,040.0

Cameron LNG LLC

Close Domicile

United States3,264.9

8/6/2014

Jan 1 - Dec 31Top Americas Deals

Date

11/5/201412/22/2014

61,545.0 United States

Sudeste Port

Peru 3,842.2 11 120.7 ▲

197.6

Borrower Sector

1,506.1

US$(m)

2,000.0

BrazilTransportation

Package Amt

United States

Proceeds No. Nation

4,025.0

▲▲▲69 93.3

United States

▲59.5

Scorecard: Americas Project Finance1/1/2014-12/31/2014

% Chge in Proceeds

Proceeds No.1/1/2013-12/31/2013

83.893,191.2 229 50,715.1US$m Issues US$m Issues

Americas

Brazil 9,481.9 22 2,912.0

96137

37,421.1123 31,113.0

5

85.6

32 6,308.1

1,740.9

South America9,298.2

North America

27 47.4

69,451.7 155United States of America 60,153.5

52 10,832.517,281.8 31Canada

Central America 5,947.7 19 2,409.0 9 ▲

Chile 1,475.3 9 5,051.7 14 -70.8Colombia 1,101.1 3 370.0 1 ▲

709.0 2 195.0 1 263.6

▼

▲Surinam 312.7 2 - - - -Ecuador

70

80

$30

$35

US$b No of Issues

-Cayman Islands 100.0 1 - - -

-

Barbados 150.0 1 - - - -

Honduras 274.0 2 - - -

3,264.9 3.5 1 1,688.8 3.3 2 0.2 ▲▼Mining 3,919.4 4.2 9

Jan 1 - Dec 31

6.6 160.0

39.9

Sector Analysis

6,155.0

100.0

Petrochemicals4

32,243.9

Proceeds Chg. in

2,290.0

50,715.2

Issues

1/1/2013-12/31/2013

Borrower Industry37,137.4

229 137

Mkt.Mkt. Sh

1/1/2014-12/31/2014

1 6.8

96

12 18 26.1

0.3

▼8.5

-17.3

▲▲

▲

No.

3.124 3,439.56

PowerOil & Gas

No.

Industry Total

Issues US$m147

0.3

Transportation 9,256.4 9.9

US$m Sh %Mkt.Proceeds

36

100.0

13,246.7

6.3

34.6

Americas Project Finance By Sector (US$m) Jan 1 - Dec 3193,191.2

Industry

▲Caribbean 510.0 3 52.5 1 871.4Dominican Republic 260.0 1 - - --

57.2 28,999.7Sh %

2 174.1

4.5 -0.3

Water & Sewerage 487.0 0.5 1 130.0

-1.0Telecommunications 136.2 0.2 2 ▼2 0.0 -1 0.2 ▲

1 586.30.3 1.2

Leisure & Property 280.0 0.3

0

10

20

30

40

50

60

$0

$5

$10

$15

$20

$25

$

1Q09 2Q 3Q 4Q

1Q10 2Q 3Q 4Q

1Q11 2Q 3Q 4Q

1Q12 2Q 3Q 4Q

1Q13 2Q 3Q 4Q

1Q14 2Q 3Q 4Q

# of

Issu

es

Pro

ceed

s (U

S$b

)

37,137.4 40%

32,243.9 35%

9,256.4 10%

6,155.0 7%

3,919.4 4%

PowerOil & GasTransportationIndustryMiningPetrochemicalsWater & SewerageLeisure & PropertyTelecommunications

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Morgan Stanley 14 14

10

21 1,939.6Societe Generale

Americas - Mandated Arrangers (X4) Americas - Bookrunners (X5)

2,034.0

2 10.9 ▲

2 2▲2.3

Deutsche Bank12

5 1 854 616 ▲▼ 17 8 1 416 7.6

0.7 ▲2.52.4 -0.2

15▲▼

18 8.5 8 ▲14 76.6

▲HSBC Holdings PLC 12 20 2,138.3Natixis 13 17 2,096.5

112.5 1.1

1.09 -0.5

▲▲ 10 4.7 515 7.1▲Santander 11 19 2,158.4

-0.3Credit Agricole CIB 93.02.6

128 3.8

▲▲

22 10.44▼JP Morgan

3.13.02,534.3

8 10 2,586.3

2,507.6

ING ▲▼ 29 13.7 179▼

BNP Paribas SA 6 38 3,168.0

-0.4RBC Capital Markets 7 7 2,683.7 3.2

3.23.8▲13 6.2 1-0.6 ▼

11.4 14 ▲▲ 16 7.6 12 ▲

134.5 1.2▲▲

▲ 18▲ 25 11.8

0.9 ▲

18232.8

3,782.03,790.8

244.5

4.7

5 8

4,229.5Citi 3 16 3,941.2

155.0 1.0 ▲ 8.510.9

Sumitomo Mitsui Finl Grp Inc

6241Mitsubishi UFJ Financial Group 12

25 ▲

4 11Mizuho Financial Group

▲ 11 4 8 1 ▲

▲-0.2 ▼ 14

CIBC World Markets Inc 16Morgan Stanley

16 1 839 3 2 0 0 1

JP Morgan ▼ 9

13 1,987.7HSBC Holdings PLC 14

1320 1,988.4

6.112 2,059.9

2.3

2.1▲ 150.5

2.26.6

RBC Capital Markets 12 8 2,131.8

15

3.9-1.2

2.16.1

-0.8

11▲ 27

2315

▼ 14

11.8▲ 24 10.5

1.11.4Societe Generale

▲1.4 ▲ 27

2.6Natixis 10Santander 19

▲ 18 7.9

2,404.4

11.82.53.2

2,839.9 3.13.1

BNP Paribas SA 8 34 2,942.82,884.39

Citi 5-0.20.07 10 3,082.8Credit Agricole CIB

Bank of America Merrill Lynch 6 6 3,187.73.33.4 ▼ 19

- 34

3.4 11.417 3,196.7 1.5 ▲ 26▲ 37 16.23.6 0.5▲1.2 15.34.8

ING 4 11 3,317.63 7 4,477.3

Sh %72

Mizuho Financial Group

1

2013 RankBookrunner ProceedsProceeds

Mitsubishi UFJ Financial Group -0.2 ▼Sumitomo Mitsui Finl Grp Inc 2 9

1 22# of Deals

5,048.9 5.47,812.4

438.4

Sh Ch.

1.9 ▲

5

6

▲

▲-2 ▼

7

▲

14

13

21

14

13

35 21

# of Change in # of

-0.2

▲

▲

10.3# of Deals

▲60 28.4

Jan 1 - Dec 31

Americas Project Finance

MarketMarket Change in 2014 Rank Sh Ch.

2014 Rank

MarketDeals


Mandated Arranger▲

Deals Sh %

18

31.4

▲

MarketSh %Sh %

18.8

Market

17

Jan 1 - Dec 31

Bank of America Merrill Lynch

# of Deals per Bookrunner

▼

# of Deals per Arranger

▲

Proceeds per Mandated Arranger (US$m)

▲

▲

2013 Rank

Market

14.8

8,671.7

▲8.3

18

▲

Proceeds per Bookrunner (US$m)

* Tie

0.4 ▲44 669.8 0.8BMO Capital Markets 24 36 676.6 0.8

29 763.1

Industrial & Comm Bank China 25

Bayerische Landesbank Giro 23

Scotiabank 21

▲▲ 6 2.8 2 ▲

5 2.4 30.20.2 ▲ 7 3.3 3 ▲

- 12 5.7 5 ▲0.9

Rabobank NV 22 25 768.1 0.9 0.0-1.9 ▼ 9 4.3 5 ▲

▼ 7 3.3 -1 ▼13 866.6 1.0

5 2.4 -1BBVA 20 15 878.0 1.0 -1.1

1 ▲CIBC World Markets Inc 19 18 1,516.5 1.8 0.1 ▲ ▼

▼Goldman Sachs & Co 18 4 1,704.5 2.0 -2.6 ▼ 12 5.7

2.1 -5.2 ▼ 11 5.2 -32 1,772.5Barclays 17

211 +10084,306.422993,191.2 100.0

▲

▼

55.3%

Top Twenty Five Total -1.470.959,732.2

75.3% ▲90.1%Industry % Change over Same Period Last Year ▲ Industry % Change over Same Period Last Year

Industry Total 100.0

▲

-2.1

67.2%

2.2Deutsche Bank

Industry % Change over Last Quarter▲

5 1,854.6

Bookrunner Total

16 ▲▼ 17 8.1 4

Industry % Change over Last Quarter ▲

▲▲

62,640.1

0.70.3

Top Twenty Five Total

▲

878.067.3

Banobras SNC 2 ▲1.725907.1

4▼

942.97

43-3.3

0.9

23949.4

Industrial & Comm Bank China 24 3.1 52.6 41.0

1.0510.4

▲-0.1

12 5.2Wells Fargo & Co 44BMO Capital Markets 22 26 0.1

▼ 13 5.7 0

1.0▼ 131.3 5.7

Goldman Sachs & Co-0.4

1.7 5.2

Scotiabank 21 1,192.021BBVA 20 14 1,448.9

-3.9-

▼ 11 4.8 -4 ▼-2.3 ▼ 12

Barclays 18 2 1,750.5 1.919 4 1,601.3

▲ 11 4.8 1 ▲▼ 17 7.4 ▼-2.2Deutsche Bank 1.9

CIBC World Markets Inc 1617 3 1,768.1

16 1,839.3 2.0 0.1

0

-1

▲

7 ▲▲

8 ▲-

83.8%22.5%

97.6%

1.6

6

+92

▲6.2% ▲

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Scorecard: EMEA Project Finance

Det norske oljeselskap ASA

Oil & GasIndustry

Jan 1 - Dec 31Package Amt

Top EMEA Deals

4,000.0

Domicile

2/6/2014

SectorNation

BorrowerClose

Sweden

Transportation

Lundin Petroleum ABUS$mDate

Petrochemicals

United Kingdom

Gemini OffshoreORPIC

PowerPowerPower

TurkeyZambiaNorway

Suomi Power Networks OyOman

EMEA Project Finance by Sector

3,000.0

2,540.9Kemerkoy-Yenikoy Lignite Plant Turkey12/23/2014

5/29/2014Mining

2/19/2014

5/6/201410/10/2014

Kansanshi Expansion Mine

5/14/2014 Netherlands4/30/2014

4/15/2014EMEA

Aliaga Refinery

6/30/20143,690.83,783.3

3,000.03,289.5

IEP 292,592.9

2,851.0

Petrochemicals


EMEA Slight Growth at 2% | Western Europe Accounted for US$54 Billion

Oil & Gas

Europe, Middle East & Africa Project Finance

Waad Al Shamal Saudi Arabia

Power2,879.6

Finland2,535.0

1/1/2014-12/31/2014% Chge in Proceeds

Proceeds No. Proceeds No.US$m Issues US$m Issues

272 91,123.3 257 1.6 ▲Western Europe 54,049.6 194 40,620.1 166 ▲33.1

▼▲

United Kingdom 16,537.9 40 16,589.9 43 -0.3

- - -61 4,353.4 50 57.0

-France 6,835.7

3,035.9 ▲Netherlands 5,332.3Norway 5,896.9 11

102.7

▼Germany 3,380.0 12 -3.516 3,502.5

▲Sweden 4,195.8 2 133.8 2

8 2,631.2 5

1/1/2013-12/31/2013

- -Italy 3,246.9 20 4,839.6 23 -32.9

11 3,199.7 14 -24.3

▼Finland 3,230.4 5 - -

▼Republic of Ireland 1,410.3 5 566.4 4 149.0 ▲Spain 2,421.0

- -Austria 403.2 6 159.9 4 152.2

3 2 349 8 4 88 2

▲Denmark 297.3 1 - -

▼Greece 277 2$30

J 1 2014 D b 31 2014

-Kuwait 56.8 1 1,434.0 1 -96.0 ▼Dem Rep of the Congo 135.0 1 - - -

-

Namibia 137.0 2 150.0 1 -8.7 ▼

Serbia 19.5 1 - - -

-5

-2.4 ▼7 -0.9 ▼

Telecommunications 341.1 0.4 3 2,539.1 2.8 3 Water & Sewerage 360.7 0.4 5 1,220.1 1.3

91,123.3 257 100.0

-1.1

-▲

26 Waste & Recycling 833.9

-Petrochemicals -Leisure & Property 5,796.7

2

4

100.0

7.0

6.3 2.5

272

12

▼0.9

6,400.3 6.9

1,841.924

Industry Total 92,592.9

▲

5 2,205.7 2.4 -

4.6

3,482.3 3.8 -

Mining 6,508.7

1/1/2014-12/31/2014

US$m Sh % Mkt. ShMkt.

11,002.5 12.1

30.0 22.5

Proceeds

27,295.5

1/1/2013-12/31/2013

Industry 6,862.8 7.4 8 -4.733

-9.1

US$m

Oil & Gas

Deals

▼-2.3▼9

127 21,002.9

2.0 7

▲

41

Jan 1 - Dec 31

6.5 ▲Transportation 19,342.5

142 20.9

36

Power

18,705.0

29.6

20,533.4

Chg. in

▼20.2

# ofProceedsBorrower Industry

Sector Analysis

23.1 Deals

27,441.3

Mkt.Sh %

35

# of

Turkey 8,580.2 12 8,505.5 15 0.9Eastern Europe 16,416.8 ▲33 13,087.2 32 25.4

▲1 308.9

5 2,720.2 7 60.8▲433.3

1 -

5 681.2

Bulgaria 125.0

Russian Federation 4,373.4

59 -40.9 ▼

Hungary 1,771.6

45 37,416.0

1

Saudi Arabia 4,458.1 4 6,936.0 -35.7-

United Arab Emirates 2,837.0

-Oman 3,101.0 3 269.0 1

-

5 5,764.0 2 -50.8 ▼

3 2,349.8 4 -88.2 ▼Belgium 240.5 2 2,198.7 2 -89.1 ▼Greece 277.2

-Portugal 211.1 2 95.2 3 121.7

4 5.5

▲Guernsey 133.2 1 - -

▲

-

Romania 553.7 5 385.1 2 43.8 ▲Poland 718.5

1 14.3 1 774.1 ▲Czech Republic 139.3 - - -

-84.0 ▼Georgia 80.0 1 - - -

3 997.0 2 150.8

-

1,052.8 ▲3

▼

Croatia 55.5 1 347.5 2

▲

Africa/Middle East/Central Asia 22,126.6

Zambia 3,212.0

Morocco 2,177.1 2 - - - -Ghana 2,500.0

- -Nigeria 1,378.5 3 4,671.0 6 -70.5

7 606.0 1 -

▼Egypt 618.1 3 - -

-Ivory Coast 213.0 1 462.7 2 -54.0 ▼Jordan 234.8

- -South Africa 208.2 2 2,580.8 2 -91.9

1 6,500.0 2 -96.9

▼Azerbaijan 200.0 1 - -

▼Cape Verde 160.0 1 - - - -Kazakhstan 200.0

-Uganda 160.0 1 - - --Chad 140.0 1 - - -

$0

$5

$10

$15

$20

$25

Proc

eeds

(US$

b)

January 1, 2014 - December 31, 2014


Visit http://dmi.thomsonreuters.com to View Archives and Order Custom League Tables https://www.thomsonone.com

5

4▲

-5 ▼

Change in # of Deals per Bookrunner

Market2014 Rank # of Deals

2013 Rank

Europe, Middle East & Africa Project Finance

EMEA - Mandated Arrangers (X15)

1.4

Proceeds per Bookrunner (US$m)Change in # of2013

Rank7 5,063.3

0.7

Jan 1 - Dec 31EMEA - Bookrunners (X16)

# of MarketSh % Sh Ch. Bookrunner

ING 3Credit Agricole CIB

1

4

4,433.82Sumitomo Mitsui Finl Grp Inc 2

DealsMandated Arranger

4.8

2014 Rank

MarketSh %

Jan 1 - Dec 31

Proceeds▲


Proceeds per Mandated Arranger (US$m) # of Deals per Arranger

15 ▲# of Deals Deals

12

Market

16.9

▲29 10.7

BNP Paribas SA 10.3

Market

▲

▼▲

BNP Paribas SA▲

5.5

Market

3.0 ▲

3.9

3,407.268 1.53,614.9

14.3 328

12.534▼-12

46 3

Mitsubishi UFJ Financial Group 53,591.2

-0.1 10.33.733.9 1.4 39

▲HSBC Holdings PLC 6 9 3,267.6 1.13.5 ▲19 7.0 234 12.5 11

Natixis 16.5 8 ▲

▲▲7.0 1

▲13 3.4Societe Generale 7KfW IPEX-Bank GmbH 8 14 2,703.5

3,174.1

2,581.82.9 1.1

9▲

0.5 ▲2.8194519

Santander 11 22 1,768.0 1.9

11RBS 10 16 1,797.1 1.9 7.0▲ 3

24 8.8 121.8 0.6

0.9 ▲0.2

0

-12

Deutsche Bank 12 18 1,681.35 1,675.9Mizuho Financial Group 13 9 3.3

12 4.4▲

24 8.81.8 -0.9-0.7 ▼

▼1.8

UniCredit 14 4 1,626.8Commonwealth Bank of Australia 15 27 1,615.2 0.9 ▲

▲▲ 111.7 12 4.4 4

SEB 16 35 1 596 1 17 6 31 7 1 1

-11

Standard Chartered PLC

DNB ASA

Mizuho Financial GroupNatixis

RBC Capital Markets

▲

-▼

Rand Merchant Bank▲▼

▲

Citi

4 8

65

Societe Generale

-

HSBC Holdings PLC

ING

11

Nordea 7 -

14

3 12

8HSH Nordbank 9 -

6Credit Agricole CIB

SEB

6.9Sh Ch. Sh %

▲Sh %

3.12,126.0 4.91 3 4,490.2 5.52

Proceeds

▲-1.7

▲▲

6 3.5 31,827.1

▼

3.6 ▲▲▲ 43.5 3.0

11 6.4

2.54.2221,586.703

34 19.71.3

-42.3 11,516.8

-0.2 ▼3.21,398.4

3 1.71.7

▲30

▲2.91,266.71,250.2 2.9 ▲2.9

2.9

-2 ▼3

▲3 1.7▲

11 9 995.9

▲

333

0.2-2.1 ▼

12 16 925.2 2.1

4 2.310 4 1,031.72.3 -3

▲1,125.0 2.6 2.6

▼2.4

▲ 5 2.9

1.2 11.1 ▲ 4 2.3 2

▲▲

751.2 1.731

▲

3 ▲▲2

1.2 -22.91.3 5

13 27* 816.8 1.9 1.4

18 1.6717.511 0 6

0.756 650 0

21 5

▲▼1 4 ▲▼

1615

KfW IPEX-Bank GmbH

-2.8 ▼ 8 4.6 -7 ▼▼ 8 4.6 -3 ▼

UniCredit 25 5 376.8 0.9

1 0.6 0 -Nord/LB 24 17 381.5 0.9 -0.1

23 62 450.0 1.0 1.0 ▲0.2 ▲ 3 1.7 -1 ▼

▼ 4 2.3 0 -Sumitomo Mitsui Finl Grp Inc 22 19 467.7 1.1

1 0.6 1 ▲Mitsubishi UFJ Financial Group 21 14 470.7 1.1 -0.2

20 - 534.6 1.2 1.2 ▲

100.0 17343,702.528.061.826,950.3

▲

▲

▲5.8% 28.1%50.0%Industry % Change over Last Quarter

▼

27.5%

▲▲ 11SEB 16 35 1,596.1 17 6.31.7 1.1-612 4.4

11 4.0 8Standard Chartered PLC 17

1.4 1.3-0.8 ▼

▲1.610 1,469.4

1.3DNB ASA 18 123 1,270.6RBC Capital Markets 19 31 1,195.0 10 3.7 5

1,056.2

▲1.3 0.0

0.6 ▲▼

1.1 0.6

Barclays 20 17 1,156.70.7Scotiabank 21 51

Garanti Bank 22 48 1,032.023 47 954.2BBVA

Citi 24▲0.9

19 875.7CaixaBank SA 25 67 826.1

1.0

Industry % Change over Same Period Last Year 1.6% ▲

Top Twenty Five TotalIndustry Total

53,433.73.7

▲

▲1.1

57.7

2.20.6

▼

▲ 3-3

RBS

1.0 0.53

-

-5-0.2 6

▲78 2.9

▲16.010 3 ▲

4▼

Rand Merchant Bank▼

▲

Hypo Real Estate Holding AG

Garanti Bank▼

+15

1.1

Deutsche Bank

92,592.9

Industry % Change over Last Quarter 32.1% ▲ ▲48.5%

100.0 272

13 4.8

-11 0.656 650.0

-0.1 ▼18 13 625.8 2.34

1.5-5 2.9 0▼1.4 ▲

10 628.61.4

1 ▲

1.4 -0.7 ▼-2

Gazprombank 19 - 539.2 1 0.61.2 1.2 ▲

▲▲▲

▲

16

Top Twenty Five TotalIndustry Total +38

Industry % Change over Same Period Last Year 16.8%

17

* Tie

2.6-4


6

-Vietnam 23.0 1 5,000.0 1 -99.5 ▼Myanmar(Burma) 85.0 1 - -

4221 3

1/1/2013-12/31/2013

Astra SLR Finance Pty Ltd Transportation1,384.7

Sun Group Finance Pty Ltd

1,401.4NRT Finance Pty Ltd

IndonesiaDonggi Senoro LNG PT

Roy Hill Holdings Pty LtdAPA Group

Viva Energy Pty Ltd7/25/2014

11/26/201410/1/2014

11/28/2014

Australia

TransportationPower

Stella EWL FInance Pty Ltd 3,070.7

6/20/2014

Australia

South Korea

6/30/20149/24/2014

9/17/201412/18/2014 1,284.8

Top 10 Nation

Thailand2,050.02,205.8

Australia

Australia TransportationOil & Gas

Transportation

Australia

1,529.4

DatePackage Amt

US$m

TransportationOil & Gas

AustraliaAustralia

Nation

4,100.0 Oil & GasMining7,145.14/22/2014


Asia Pacific (inc. Australia & Japan) Project FinanceAsia Pacific & Japan Up 14.1% | Transportation Doubled at US$30 billion

Borrower SectorClosing

1,791.1

Gulf Electric PCL

Youngchun-Sangju Highway Co

DomicileNo. Proceeds No.

62,902.8Issues

Asia-Pacific & Japan 71,744.5

Scorecard: Asia Pacific (inc. Australia & Japan)1/1/2014-12/31/2014

% Chge in Proceeds

Proceeds

21,984.1 4845

US$m Issues US$m

37,548.3 49 20,358.2

201

Southeast Asia 11,198.7 27

Australasia 38,339.4 51Australia

791.2 2New Zealand

▲▲

74.484.4

14.1198

Indonesia 4,268.4

-30.4 ▼

1,596.1 5 167.4 ▲Thailand 2,762.5

South Korea 4,937.5 15 -32.97,363.3

9.3426

-

China 1 119 0

Jan 1 - Dec 31Top Asia Pacific & Japan Project Finance Deals

13,949.0 55 ▼

405 6

▼

▲

North Asia 6,256.5 22 8,984.014

▲

8

7

-19.7

▲▲

-▼

167.2

- - -

2,527.4

20▼

-71.3

-

Singapore 859.9 1 2,997.1 2Philippines 1,879.0 5 703.1 2

592.1 3 1,125.3 3 -47.4728.7 2 - - -Laos

Malaysia

$40January 1, 2014 - December 31, 2014

4,935.0

-4221.3

1

▼▲39.5283,537.346

▼- - -

Waste & Recycling 19.4 - 1 45.5 0.1

3 5,161.8 8.2

1 Agriculture & Forestry 88.7 0.1 1 - -

--23.8-23.8

1/1/2013-12/31/2013Mkt.

6

Sector Analysis

Transportation

-93.9 ▼

Proceeds

Leisure & Property 4.1 2.4

Power32.1

Borrower Industry32

19.3 13,822.411.8

313.4 0.4

7

20,105.4

US$m Sh %

18,852.010,882.9

Industry3

Oil & Gas

46 122

5

22,991.7

Mining 8,489.2

5

6.9

8 -69.0

16.2 8.9

-85.0

-

1/1/2014-12/31/2014

26.3 93

4,172.4

100.0

5,605.81,736.82,951.7

201

Petrochemicals 1,524.2 2.1

Industry Total 71,744.4 100.0

Water & Sewerage

198 62,902.8

-29.38 ▼

10,169.02

4,332.7▲▼

▼13.6 ▲

-57.4

Sh % Deals# of

▲32.0

2.5

▼-6.2

Japan

Deals US$mChg. in Proceeds# of

2 12

Mkt. ShMkt.

▲

23

15

111.3

435.0219.0

6.6

17.3

1,586.7

India 11,014.947

55 14,448.4

China 1,119.0Mongolia 200.0 -

405.6 ▲

47South Asia 11,014.9 55

7

840.7 1.3

▼

Jan 1 - Dec 31

14,448.4

Telecommunications 954.9 1.3 4

$0

$5

$10

$15

$20

$25

$30

$35

Pro

ceed

s (U

S$b

)

January 1, 2014 December 31, 2014



Asia Pacific (inc. Australia & Japan) Project Finance

10

12

4 08

15

United Overseas Bank Ltd

14

Mizuho Financial Group

2.2

State Bank of India

▲

▲ -▼

1.6

▼

1 9

8

1

2

12

▲

29

43 ▲

▲

▲▲

-11.41,728.8

1 370 8

0.7 ▲

Bank of China Ltd▼

Woori Financial Group

Axis Bank Ltd

15 13 0 1557 5 1 6 1▲ 0 8 00

▼214 17

-83.140.6

836.7 2.51.7

-4.0575.5

03.95▼1,082.8 3.2 -3.3 +12.0

▲7.8▲

4.3

-0.3

+9 ▲3 2.3

10 40 1,275.2 3.8 3.7 10▲

2.3 ▲ 4.76

11 1,117.8 ▲16

-1+34

1,459.5

▲

▲▼

+3

▼4.7

1,521.3 4.5 3.7▲ 6 4.73.4▲ 3.1

▲11.7 +4

1,588.5

▲ 13 10.25.6 1.6154.75 1,607.6

+7-0.6 14▼

+4-0.7

7.3+3 ▲

▼Mizuho Financial Group 4 4 1,920.4 5.7 -210.9

12 4,333.3

4,946.7

▲6.4 ▲ 9 7.0

21

1,887.5Mitsubishi UFJ Financial GroupSumitomo Mitsui Finl Grp Inc

2,460.6

5 6

3 18

6

Commonwealth Bank of Australia

15

9 108 20*

ICICI Bank Ltd 7Westpac BankingANZ Banking Group

12 7

6

13 3

Credit Agricole CIB

▲

▲

▲

IDFC Ltd

National Australia Bank3.06.5 8▲

1 62.0 13IDFC Ltd 14 54 1,577.0

152.2

ICICI Bank Ltd 13 1,588.528 6▲

4.5 67.5 8

11 5.5 -1

9▲1,731.2 2.4▲1,788.5

2.4HSBC Holdings PLC 11 12 0.6Oversea-Chinese Banking

2.5Scotiabank 1.7

11.423

Korea Development Bank 8 2 3,544.9National Australia Bank 5

4,009.625.5 28 13.91.2 ▲

17.4354.9

0.08.0

3,364.9 4.7 --3.6 ▼

9 416

5 9▲1.5

3,941.57

ANZ Banking Group 4 103Mitsubishi UFJ Financial Group

5.6

5.94,214.6

Westpac Banking 6Sumitomo Mitsui Finl Grp Inc 4,083.2

7

Change in

1.92.5

5.7▲▲

7.91 1

# of Market

10

Market

2.7 ▲-8.1

Sh %-11.3-0.6Korea Development Bank

+6▼▼

12.8 10.916.4

14▼ 25 ▲12.4

▲5

17.4▲

Sh Ch.Sh %

▲

1# of Deals

14.6

Market# of# of Deals per Bookrunner

Sh % Sh Ch. Deals Proceeds

2

Bookrunner2013 Rank

2013 Rank

Proceeds per Bookrunner (US$m)

Jan 1 - Dec 31

Change in # of DealsMandated Arranger Proceeds

2014 Rank

MarketDeals

Proceeds per Mandated Arranger (US$m) # of Deals per Arranger

Jan 1 - Dec 31

Market

Asia Pacific & Japan- Bookrunners (X28)

Market


Asia Pacific & Japan- Mandated Arrangers (X30)

State Bank of India 5,646.8

2014 Rank Sh %

39 19.435

▲Commonwealth Bank of Australia 2 6 5,021.6

6.1 1.016.9 7 ▲

42 ▲20.9 1934

7.04,378.93

201

57

▼Kasikornbank PCL 0.8 ▼-23566.7

4 -1.3594.1

4.08

IDBI Bank Ltd 24 8

▲

▼ 2.3 -3

56,241.3

320.7 1.025 -0.2

BNP Paribas SA17

United Overseas Bank Ltd

-23

▼

59.4%

▼ 6

1.5%

▼

6

58.8%

Industrial & Comm Bank China

Industry Total

14.1%

5.122*

71,744.4Top Twenty Five Total 78.5

24 18

8

11

Industry % Change over Last Quarter

ING

18DBS Group Holdings

Axis Bank Ltd

▲

19

Credit Agricole CIB

Industry % Change over Same Period Last Year

16 13 1,158.11.9

▲2

431.6

▲

966.6 1.2 ▲

1,370.8

Scotiabank▲

Woori Financial Group

HSBC Holdings PLC

Banco De Oro Unibank Inc

United Overseas Bank Ltd5.0

▲ Industry % Change over Same Period Last Year▲Industry % Change over Last Quarter

Industry Total

▼66.9%▲

▲

-9.8%

3Top Twenty Five Total 31,025.8

▲63.8%

+9

7.6%

128

▲

33,903.311.391.9

100.0

1.0 1.0 1▼

▲1.6 +1 ▲1.6 +10.8 +1 ▲▲Santander 23 -

330.0 1.0321.2

Standard Chartered PLC 0.4 2▲1.1 0.3

22 25*

0.7

3▲21 20*20 25* 1.2

▲ 2+22.30.6

2.3 +33▲

▲2.3 +318 - 1.4

17 20*▲

1.50.0

458.1 1.41.6 +12515.9

3▲▲

16 14 -15 13 0.1557.5

521.01.61.5 -

-11

0▲

0.80.8 0

2▲▲

-2

19

6

5 354.8DBS Group Holdings 398.2

1.3▼▲3

-7 Natixis

▲

▲▲- 1.3430.0

4.02.5

▲100.0

3.00.8-0.4 2.0

▲

1.5▲ 39

0.20.5

-0.516 625.9

5▼1.3 -2.6

3

911.4

0.926

Bank of China Ltd 23807.8

▲

1.5▼

814.931 1.1210.6 7

4.5Banco De Oro Unibank Inc 22

3.5823.820Societe Generale

1.1

30 1.2

10▼981.2 1.4 -0.71.4 8

3.5 -1.6

▼-0.1 7 015

+1 ▲National Bank of Abu Dhabi 25* - 205.0 0.6 0.6 1 0.8▲

* Tie


-

-

-

-

-

-

-

Asia Pacific:

E-mail: [email protected] Mandated Arranger league tables will give equal credit to the Non-Americas mandated arranger and equal credit to the Americas Tier 1 agent. Incases of consolidation, credit will be givien to the surviving/parent firm

Salvatore Reres

Bookrunner league tables will give full credit to the bookrunner, equal if joint. In cases of consolidation, credit will be given to the surviving/parentfirmEwelina Jarecka

Database coverage includes all loan transactions that have reached General close between January 1, 2014 and December 31, 2014 of whichThomson Reuters has been made aware. All current data and previous year's data is as of 6:00am EST on January 14, 2015.

League tables include limited recourse project finance, non-recourse project finance, and project finance loans and exclude loans with amaturity of less than 90 days from financial close.

Bilateral, self-arranged, commercial and unknown loans are excluded from league tables as well as loans with a maturity of less than 90 days.

All league tables are based on deal proceeds unless otherwise specified.

Regional league tables are based on Domicile Nation.

Tel: +44 207 542 2246


Project Finance Criteria Summary

If you would like to participate in the submissionprocess, receive quarterly press releases, orhave questions about league table criteria pleasecontact:

Europe

Americas

E-mail: [email protected]: +1 646-223-8455

-

-

JapanMegumi KonoTel: +813 6441 1155E-mail: [email protected]

E-mail: [email protected] All league table volumes and rankings are based on general close date instead.

Asia Pacific: Non-US dollar denominated transactions are converted to the US dollar equivalent at the time of pricing.Carina Causon

Tel: +632 459 1566

While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its thirdparty content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third partycontent provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to theextent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal)amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. ThomsonReuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document.

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Acquirors, Target Company Screener)• Negotiation (T&C Benchmarking)

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Thomson Reuters Eikon also includes an Add-In for Microsoft® Office to help you increase your efficiency. From screening and targeting to comparables analysis, building league tables, valuing a company and

developing a client pitch book, you can do all this without leaving Microsoft Office. Search and autosuggest features in Excel make model-building easier.

Solution for:• Managing Client Relationships• Deal Origination• New Issues Pre-Marketing/Roadshows• Financial Modeling• Customized League Tables• Simple Deals screening• Valuation analysis and comparable

deal screening• On-brand pitch book creation

FOR STRATEGY AND PLANNING TEAMSThomson Reuters Deals Business Intelligence enables you to slice and dice our renowned Deals and Fees data to create ad hoc reports, analyze market trends, benchmark your performance and identify opportunities – all within a tool built into your workflow in Excel®, saving you valuable time and giving you a competitive edge.

Solution for:• Conducting market analysis and

identifying trends• Benchmarking your performance and

monitoring competitors• Targeting clients by wallet size and

banking relationship• Allocating resources more effectively by

evaluating and analyzing lost deals

Send us a sales enquiry at: financial.thomsonreuters.com/salesRead more about our products at: financial.thomsonreuters.com/products

To purchase individual Thomson Reuters Deals or League Table reports, please contact our Thomson Reuters On Demand group:

Web: http://financial.thomsonreuters.com/ondemandEmail: [email protected]

Access unique analysis for free anytime using Thomson Reuters Deals Intelligence website and receive regular updates, delivered direct to your inbox.

Go to: dmi.thomsonreuters.com/dealsintelligence

Thomson Reuters Solutions for the Deal Making Community

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